LUKoil to consider six offshore fields in Azerbaijan

Nov 12, 1999 01:00 AM

LUKoil announced on November 5 that it had signed a memorandum of understanding with the State Oil Company of Azerbaijan (SOCAR) on the rehabilitation of several offshore oil and gas fields.
The accord was signed during Russian First Deputy Prime Minister Nikolai Aksyonenko's recent visit to Baku.
The MoU provides for the Russian company to obtain information from SOCAR on six fields. LUKoil will then pick the deposits it wants to develop and, within three months, begin discussions with SOCAR's management on rehabilitation of the fields.
LUKoil and SOCAR will set up 50-50 joint ventures to work the deposits, according to LUKoil's First Vice President Ravil Maganov. The names of the fields to be considered by LUKoil were not revealed.
Western press sources noted that SOCAR and the Russian company had also signed an oil swap deal under which LUKoil will provide SOCAR with oil at the Georgian Black Sea port of Supsa in exchange for equivalent volumes in Azerbaijan, for use at LUKoil's filling stations in Baku and other Azerbaijani cities.

Source: NewsBase
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